Under the terms of the deal, Treatt shareholders will receive 260p in cash for each share, representing a 16.1% premium based on the firm’s share price from 5 September 2025. The Treatt board has unanimously recommended this offer.
Similar to Treatt, Natara specializes in manufacturing ingredients for various sectors, including food and drink. The company operates sites in the UK, US, and China, positioning itself as a significant player in the food manufacturing industry.
In 2023, Natara was acquired by private equity firm Exponent, a European business that has stated it has been “following Treatt for some time and has long admired its strong heritage”.
Recently, however, Treatt has encountered several material headwinds affecting its operational and financial performance, which ultimately led to the decision to sell. These challenges include competitive pressures, declining US consumer confidence, soaring input costs, high citrus oil prices, and a slower-than-anticipated conversion of sales opportunities.
Commenting on the transaction, Treatt chair Vijay Thakrar expressed immense pride in the firm’s robust position within the flavors and fragrance market. He stated, “Our business is defined by specialist capabilities, an enviable reputation for quality and innovation, long-standing customer relationships, and our extremely talented, dedicated teams.”
Thakrar further elaborated, “While we have a clear strategy to capture these growth opportunities, a combination with Natara would provide the investment and scale that will enable us to do this faster, more extensively, and with lower execution risk than we could achieve on a standalone basis. It would bring together two highly complementary businesses and expand our reach and product offering significantly – positioning Treatt, our people, and our customers for long-term success.”
Yoram Knoop, chief executive officer of Natara, echoed this sentiment, stating, “By combining with Treatt, we will be strongly positioned to continue our growth journey. The combination of Natara and Treatt will bring together two complementary businesses, expanding our product portfolio, accelerating our capability in innovation, and delivering an enhanced customer proposition globally.”
